Question

Reema deposited 2300 per month for 15 months in a bank's recurring deposit account. If the bank pays interest at the rate of 10% per annum, the amount she gets on maturity is:​

Answer 1

Answer :

The amount she gets on maturity = 38812.5

Step-by-step explanation:

Reema deposited Amount per month = 2300

Reema deposited amount of 15 months =2300×15

=34500

Bank pays 10% interest per annum

annum = 12 months

12 months = 10%

1 month = 10 ÷ 12

= 0.8333...

$0.8333... = \frac{75}{90} = \frac{5}{6}$

15months - 12 months = 3months

bank pays interest for 3 months

$\frac{5}{6} \times 3 = \frac{5}{2} \\ = 2.5\%$

• 10 % + 2.5% = 12.5%

Bank pays total interest amount =

$\frac{12.5}{100} \times 34500 = 4312.5$

total deposited amount + interest amount

= 34500 + 4312.5

= 38812.5

The amount that she gets on maturity = 38812.5